Icy-N-SpicyFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Icy-N-Spicy franchise requires a total initial investment of $262K – $395K, including a $38K franchise fee and an ongoing 5.5% royalty[2]. Per the 2025 FDD, average unit revenue was $787K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $262K – $395K
- 50th pct Service Resta…
- Avg gross sales
- $787K
- 24th pct Service Resta…
- Royalty
- 5.5%
- 40th pct Service Resta…
- Units
- 2
- 10th pct Service Resta…
- SBA default
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- Total investment $262K – $395K including a $38K franchise fee, 5.5% ongoing royalty.
- Average unit revenue of $787K/year.
- Verdict A (Top Quintile) with a risk score of 37/100.
- Revenue data based on only 1 reporting unit. Treat as directional, not definitive. Ask franchisees directly for current unit economics.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- I AND S FR LLC
- CEO title
- Chief Executive Officer
- Xiaoli Liu
- Incorporated in
- FL
- HQ
- 851 NE 1st Avenue, Unit 4200, Miami, Florida 33132
- Auditor
- Ivy Accounting Tax & Advisory
- Audited financials
- Franchisor revenue
- $5
- vs $0 prior year
Overview
About
Icy-N-Spicy franchisees operate quick-service food establishments focused on frozen treats and spicy flavor combinations. Day-to-day operations include inventory management, food preparation, customer service, marketing, and point-of-sale management in a retail setting.
- CEO
- Xiaoli Liu
- Headquarters
- FL
- Founded
- 2020
- FDD year
- 2025
- States available
- 1
FDD Item 7 · 2025 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $38K | $38K | |
| Construction and Leasehold Improvements | $38K | $115K | |
| Lease Deposits - Three Months | $4K | $8K | |
| Furniture, Fixtures and Equipment | $110K | $140K | |
| Signage | $7K | $7K | |
| Computer, Software and Point of Sale System | $2K | $3K | |
| Grand Opening Marketing | $5K | $8K | |
| Initial Inventory | $20K | $30K | |
| Utility Deposits | $2K | $3K | |
| Insurance Deposits - Three Months | $300 | $350 | |
| Initial Training Fee | $11K | $11K | |
| Travel for Initial Training | $750 | $2K | |
| Professional Fees | $750 | $2K | |
| Licenses and Permits | $5K | $10K | |
| Additional Funds - Three Months | $20K | $20K | |
| Total initial investment | $262K | $395K |
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.
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
$122K
15.5% margin
Unlevered ROIC
35%
EBITDA / total invested capital
Payback
34 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $262K – $395K
- Near category avg vs category
- Liquid capital req'd
- $20K – $20K
- Near category avg vs category
- Franchise fee
- $38K – $38K
- Near category avg vs category
- Royalty
- 5.5%
- Gross Sales · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $500 |
| Training fee | $11K |
| Transfer fee | $10K |
| Renewal fee | $8K |
| Total fee load | 6.5% of rev |
A 6.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $787K
- Per unit, per year
- Median gross sales
- N/A
- Item 19 type
- Company Owned
- Sample size
- 1 units
- vs category median 28 · small
- Transparency
- 5 / 5
- vs category median 4 / 5 · above
Compared against 453 Quick-Service Restaurants brands
vs Quick-Service Restaurants averages
How Icy-N-Spicy Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 2
- Opened
- 0
- 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
- 0.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 2
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state 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.
1
states with franchisees (per FDD Item 12)
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Icy-N-Spicy presents HIGH RISK due to an extremely small unit base (2 locations), undisclosed profitability, franchisor going concern issues, unprotected territory, and insufficient historical data to validate the franchise model's viability.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Ivy Accounting Tax & Advisory
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- 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 37 / 100 rating
- 01MINOROnly 2 existing units with unknown growth trajectory suggests nascent/stagnant system with no proof of concept at scale
- 02MEDNet income not disclosed despite average revenue of $786,839 — unable to validate actual profitability or ROI on $262k-$395k investment
- 03HIGHGoing concern status is FALSE, indicating potential financial instability or uncertainty at franchisor level
- 04MINORNo protected territory — direct competition risk from other franchisees and franchisor in same market
- 05MED5.5% royalty on disclosed revenue ($786k) = ~$43k annual ongoing fee, but profitability unknown makes true burden unclear
- 06MINORFranchise fee of $38,000 is reasonable, but total investment range suggests high capital requirement with minimal historical performance data
- 07MINOR10-year term locks franchisee into relationship with unproven system during critical early growth phase
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | No |
| Exclusive territoryℹ | Yes |
| Territory radius | 2 mi |
| Territory population | 30,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Miami-Dade County, Florida |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 18 hrs
- On-the-job training
- 39 hrs
- Training location
- Miami, Florida
- POS system
- Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Square
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Icy-N-Spicy franchise?
The total investment to open a Icy-N-Spicy franchise ranges from $262K – $395K, with an initial franchise fee of $38K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Icy-N-Spicy franchise owners earn?
According to Item 19 of the Icy-N-Spicy FDD, the average gross sales per unit is $787K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Icy-N-Spicy's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Icy-N-Spicy (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 Icy-N-Spicy franchise locations are there?
As of their most recent FDD filing, Icy-N-Spicy has 2 total units in the United States, including 0 franchised units and 2 company-owned units.
Is Icy-N-Spicy a good franchise to buy?
FranchiseVerdict rates Icy-N-Spicy as a A-grade franchise with a risk score of 37 out of 100, 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?
If you represent Icy-N-Spicy, you can request corrections or provide updated information.
Claim this brandOther Quick-Service Restaurants franchises
Compare similar franchise opportunities in the Quick-Service Restaurants category
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.