Earl of Sandwich Franchise Cost, Revenue & Review 2026
- Investment
- $308K – $584K
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (6)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Earl of Sandwich is a fast-casual franchise known for its hot, artisan sandwiches, plus wraps, salads, and soups. Franchisees run the restaurants, managing food prep, staffing, and counter and delivery service.
FranchiseVerdict summary · 2026
A Earl of Sandwich franchise requires a total initial investment of $308K – $584K, including a $25K franchise fee and an ongoing 6.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $308K – $584K
- 50th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 48th pct Service Resta…
- Units
- 31
- 56th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $308K – $584K including a $25K franchise fee, 6.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 64/100 (higher is better).
- GROWTHNegative: net -3 franchised outlets in the latest year (0 opened, 3 closed); 11 signed but not yet open (Item 20).
- FLAGItem 4 discloses a bankruptcy of an officer or of a company an officer ran, not of the franchisor. Review Item 4 for details.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Earl of Sandwich (USA), LLC
- CEO title
- President and Treasurer
- Thomas Avallone
- Incorporated in
- FL
- HQ
- 4700 Millenia Boulevard, Suite #400, Orlando, Florida 32839
- Auditor
- Purvis Gray
- Audited financials
- Franchisor revenue
- $36.5M
- vs $34.9M prior year
Overview
About
- CEO
- Thomas Avallone
- Headquarters
- FL
- Founded
- 2004
- FDD year
- 2025
- States available
- 12
Can you afford it, and what does the money buy?
Entry cost runs 8% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Deposit Fee(4) | $0 | $3K | |
| Initial Franchise Fee (4) | $25K | $25K | |
| Grand Opening Required Spending (5) | $8K | $8K | |
| Leasehold Costs and Building and Site Improvements (6) | $160K | $342K | |
| Furnishings, Fixtures and Equipment (7) | $75K | $105K | |
| Signage (8) | $3K | $20K | |
| Point of Sale System (9) | $3K | $6K | |
| Technology (10) | $1K | $4K | |
| Graphic Items (11) | $3K | $7K | |
| Professional Fees (12) | $1K | $4K | |
| Initial Manager Training (13) | $4K | $6K | |
| Pre-Opening Costs (14) | $15K | $40K | |
| Additional Funds – 3 months (16) | $10K | $15K | |
| Total initial investment | $308K | $584K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $308K – $584K
- Middle of category vs category
- Liquid capital req'd
- $10K – $15K
- Top 40% of category vs category
- Franchise fee
- $25K – $25K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% |
| Technology fee | $0 |
| Training fee | $6K |
| Transfer fee | $10K |
| Renewal fee | $5K |
| Inventory (initial) | $15K – $25K |
| Total fee load | 8.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Earl of Sandwich makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Earl of Sandwich unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 8.0% (near the Quick-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System roughly stable (0.0% 3-year CAGR) with 31 units.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Quick-Service Restaurants medians
How Earl of Sandwich Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 31
- Opened
- 0
- Last reporting year
- Closed
- 3
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 9.7%
- Company-owned
- 5
- Corporate units in the system
- % franchised
- 84%
- vs corporate-owned
- Net growth (3-yr)
- +3.5%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 11
- 0.35 per open outlet · Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
- Continuity rate
- 89.7%
- Units that stayed open
- Ceased ops
- 0.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 11 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Available to sell in · Item 12
- California
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
25 current owners across 11 states; 3 former (terminated, transferred or not renewed) listed separately.
- CA 10
- FL 3
- NV 3
- TX 2
- GA 1
- ID 1
- KY 1
- MO 1
- NC 1
- PA 1
- SD 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 6 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 6
- Loan volume
- $2.6M
- Median loan
- $326K
- 50th percentile
- Charge-off rate
- Under 10 loans (6)
- Insufficient SBA coverage: 6 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (6)
- 5-yr charge-off
- Under 10 loans (6)
- Loans approved 2021+
- Active lenders
- 5
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation required to be disclosed in Item 3
Bankruptcy (Item 4)
Subject: an officer. An officer’s own bankruptcy or a company an officer ran, not the franchisor’s
Affiliates Bertucci's Restaurants LLC (Ch.11 2025 and 2022), PB Restaurants LLC (Ch.11 2025), Planet Express (LAX) LLC (Ch.11 2025), and Times Square Buffet LLC (Ch.11 2025). Officers Thomas Avallone, Robert Earl, and Jeffrey Sirolly serve in management roles at these entities.
Audited financials (Item 21)
Yes · Purvis Gray
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Total Revenues for fiscal year ended December 29, 2024: Restaurant $34,900,126; Franchise and Royalty $1,615,235; Other $11,536. Audited consolidated statements of Earl of Sandwich (USA), LLC and Subsidiaries.
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 64 / 100 verdict
- 01MINORSystem contracted 10.3% YoY (31 units total) — indicates declining brand momentum and franchisee struggles
- 02MINORNo Item 19 financial disclosure — cannot validate revenue/profitability claims; prospective franchisees have zero earnings benchmarks
- 03MINORHigh investment range ($307.5K–$584K) paired with declining unit count suggests poor unit economics or market saturation
- 04MED6% royalty on undisclosed average revenue creates opacity; cannot calculate true ROI or break-even timeline
- 05MINORSmall franchise system (31 units) limits peer support network and economies of scale for supply chain
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Non-compete (miles)ℹ | 2 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 4 |
| Curable defaultsℹ | 8 |
| Mandatory arbitration | Yes |
| Arbitration location | Orlando, Florida |
| Jury trial waiver | Yes |
| Governing law | FL |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed in Item 3
Items 10, 11
Training & Operations
- Classroom training
- 11 hrs
- On-the-job training
- 61 hrs
- Training location
- Company-operated Earl of Sandwich Restaurant (CA, FL, or NV)
- Ongoing training
- Required
- Time to open
- 8 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
28 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Earl of Sandwich franchise?
The total investment to open a Earl of Sandwich franchise ranges from $308K – $584K, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Earl of Sandwich franchise owners earn?
Earl of Sandwich makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Earl of Sandwich?
Earl of Sandwich is franchised by Earl of Sandwich (USA), LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Earl of Sandwich FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Earl of Sandwich FDD and qualifies whose outlets they describe.
What is Earl of Sandwich's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Earl of Sandwich (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Earl of Sandwich franchise locations are there?
As of their most recent FDD filing, Earl of Sandwich has 31 total units in the United States, including 26 franchised units and 5 company-owned units.
Is Earl of Sandwich a good franchise to buy?
FranchiseVerdict rates Earl of Sandwich as a B-grade franchise with a verdict score of 64 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.