fresh&co Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
fresh&co is a fast-casual franchise serving made-to-order salads, grain bowls, sandwiches, soups, and breakfast. Franchisees run the restaurants, managing fresh prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A fresh&co franchise requires a total initial investment of $773K – $1.4M, including a $45K franchise fee and an ongoing 6.0% royalty[2]. Per the 2024 FDD, average unit revenue was $1.1M[2]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2024 FDD issuance
Overview
- Investment
- $773K – $1.4M
- 89th pct Service Resta…
- Avg gross sales
- $1.1M
- 19th pct Service Resta…
- Royalty
- 6.0%
- 46th pct Service Resta…
- Units
- 16
- 46th 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 avg · 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 $773K – $1.4M including a $45K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.1M/year (median $1.1M).
- RISKVerdict A (Strongest tier), verdict score 59/100 (higher is better).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Fresh Franchise LLC
- Parent company
- Fresh Franchise Partners LLC
- CEO title
- Chief Executive Officer
- George Tenedios
- Incorporated in
- NY
- HQ
- 130 West 37th Street, New York, NY 10018
- Auditor
- Citrin Cooperman & Company, LLP
- Audited financials
- Franchisor revenue
- $213K
- vs $202K prior year
Overview
About
- CEO
- George Tenedios
- Headquarters
- NY
- Founded
- 2018
- FDD year
- 2024
- States available
- 4
Can you afford it, and what does the money buy?
Entry cost runs 64% above the typical quick-service restaurants franchise.
Source: FDD 2024 · Items 5–7
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $45K | $45K |
| Working capital (3–6 mo) | $150K | $300K |
| Equipment, build-out, other | $578K | $1.0M |
| Total initial investment | $773K | $1.4M |
Source: fresh&co 2024 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $773K – $1.4M
- Bottom third — review vs category
- Liquid capital req'd
- $150K – $300K
- Bottom third — review vs category
- Franchise fee
- $45K – $45K
- Bottom third — review vs category
- Royalty
- 6.0%
- percentage · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $250 |
| Transfer fee | $23K |
| Renewal fee | $23K |
| Inventory (initial) | $30K – $30K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales land near the quick-service restaurants norm.
Source: FDD 2024 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$172K
15.0% margin
Unlevered ROIC
13%
EBITDA / total invested capital
Payback
7.6 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one fresh&co unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
13%
Below the 30–60% attractive-franchise band
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 fresh&co units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.8M
on $9.2M purchase
Total debt
$7.4M
SBA $4.6M + senior + seller note
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: 2024 FDD
Financial Performance
- Avg gross sales
- $1.1M
- Per unit, per year
- Median gross sales
- $1.1M
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Gross Sales (affiliate and franchise locations, separate cohorts)
- Sample size
- 3 outlets
- vs category median 20 · small
- Range (low → high)
- $590K→$1.8M
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2024
- The FDD edition these figures were read from
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 782 Quick-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.1M/year in gross sales. Revenue-to-investment ratio: 1.1x.
Fee burden
Total ongoing fee load of 7.0% (near the Quick-Service Restaurants average).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 3 outlets — treat as directional only.
Operator retention
System expanding at 100.0% CAGR over 3 years across 16 units — operators are staying and new ones are joining.
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 averages
How fresh&co Compares
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 16
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 25.0%
- Company-owned
- 12
- Corporate units in the system
- % franchised
- 25%
- vs corporate-owned
- Net growth (3-yr)
- +100.0%
- Net unit change over 3 years
- 3-yr CAGR
- +100.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 5
- Closed (3yr)
- 0
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 4
- Franchisor's next-year forecast
- Ceased ops
- 6.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 4 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
4
states with franchisees (per FDD Item 12)
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
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
Fresh&co presents elevated risk due to franchisor going concern status, missing profitability data, and rapid expansion that may outpace system support infrastructure.
Litigation (Item 3)
No litigation required to be disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Citrin Cooperman & Company, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 59 / 100 verdict
- 01MINORNo net income disclosure (Item 19) prevents ROI validation despite $2.4M average revenue
- 02HIGHGoing Concern status indicates franchisor financial instability and potential system collapse risk
- 03MINORHigh unit growth rate (33.3% YoY) with only 16 units suggests aggressive expansion outpacing operational maturity
- 04MINORWide investment range ($772K-$1.39M) indicates inconsistent buildout costs or lack of standardization
- 05MINOR6% royalty on gross sales (not net) creates cash flow pressure if margins are thin
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 20 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | New York, New York |
| Jury trial waiver | No |
| Governing law | NY |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 52 hrs
- On-the-job training
- 108 hrs
- Training location
- Corporate Headquarters, New York, NY 10018 (Designated Restaurant Training Location)
- Ongoing training
- Required
- Time to open
- 10 mo
- From signing to launch
- Site selection
- Franchisee secures site 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
6 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
fresh&co · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a fresh&co franchise?
The total investment to open a fresh&co franchise ranges from $773K – $1.4M, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do fresh&co franchise owners earn?
According to Item 19 of the fresh&co FDD, the average gross sales per unit is $1.1M. The median is $1.1M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the fresh&co 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 fresh&co FDD and qualifies whose outlets they describe.
What is fresh&co's franchise failure rate?
SBA 7(a) loan charge-off data is not available for fresh&co (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 fresh&co franchise locations are there?
As of their most recent FDD filing, fresh&co has 16 total units in the United States, including 4 franchised units and 12 company-owned units. 1 new units were opened in the latest reporting year.
Is fresh&co a good franchise to buy?
FranchiseVerdict rates fresh&co as a A-grade franchise with a verdict score of 59 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.