Le Pain Quotidien Franchise Cost, Revenue & Review 2026
- Investment
- $957K – $1.8M
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Le Pain Quotidien is an upscale Belgian bakery-cafe franchise serving artisan breads, pastries, and organic-leaning fare at communal tables. Franchisees run the cafes, managing in-house baking, food service, and staffing.
FranchiseVerdict summary · 2026
A Le Pain Quotidien franchise requires a total initial investment of $957K – $1.8M, including a $22K franchise fee and an ongoing 5.0% royalty[2]. This fee is for a master or area-representative grant rather than a single unit, so it is not comparable with the single-unit fees shown for other brands. 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: high - issued more than two years ago
Evidence: partial✓ 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
- $957K – $1.8M
- 92nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 64
- 70th 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 $957K – $1.8M including a $22K franchise fee, 5.0% ongoing royalty. This fee is for a master or area-representative grant rather than a single unit, so it is not comparable with the single-unit fees shown for other brands.
- 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).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed) (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
- BrunchCo 21, S.A.
- Parent company
- BrunchCo 21, S.A.
- FDD Item 1, page 6 of the 2023 FDD
- Predecessor
- PQ Licensing SA
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Annick Van Overstraeten
- Incorporated in
- Belgium
- HQ
- Rue de la Victoire 1, Brussels, 1060, Belgium
- Auditor
- Mazars USA LLP
- Audited financials
- Franchisor revenue
- $764K
- vs $615K prior year
Overview
About
- CEO
- Annick Van Overstraeten
- Headquarters
- Belgium (international HQ)
- Founded
- 2020
- FDD year
- 2023
- States available
- 7
Can you afford it, and what does the money buy?
Entry cost runs 187% above the typical quick-service restaurants franchise.
Source: FDD 2023 · Items 5–7
This fee is for a master or area-representative grant rather than a single unit, so it is not comparable with the single-unit fees shown for other brands.
Full Item 7 breakdown18 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $22K | $22K | |
| Leasenot refundable | $20K | $100K | |
| Leasehold Improvementsnot refundable | $250K | $500K | |
| Furnishingsnot refundable | $120K | $220K | |
| Kitchen Equipmentnot refundable | $150K | $250K | |
| Signagenot refundable | $10K | $30K | |
| Suppliesnot refundable | $40K | $60K | |
| Fixturesnot refundable | $75K | $110K | |
| Opening Inventorynot refundable | $30K | $55K | |
| Grand Opening Advertisingnot refundable | $5K | $10K | |
| Other Advertisingnot refundable | $10K | $15K | |
| Prepaid Insurance Premiumsnot refundable | $3K | $5K | |
| Computers and Suppliesnot refundable | $30K | $50K | |
| Travel and Living Expenses for Trainingnot refundable | $25K | $50K | |
| Permits, Health, Occupancynot refundable | $3K | $5K | |
| Utility costs and depositsnot refundable | $5K | $15K | |
| Legal and Accountingnot refundable | $10K | $30K | |
| Additional Funds - 3 Monthsnot refundable | $150K | $300K | |
| Total initial investment | $957K | $1.8M |
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
- $957K – $1.8M
- Bottom third — review vs category
- Liquid capital req'd
- $150K – $300K
- Bottom third — review vs category
- Franchise fee
- $22K – $22K
- Master/area fee
- Royalty
- 5.0%
- Tiered by sales volume · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $22K |
| Renewal fee | $5K |
| Inventory (initial) | $30K – $55K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Le Pain Quotidien 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 Le Pain Quotidien 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: 2023 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 6.0% — below the Quick-Service Restaurants median of 7.5%.
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 expanding at 18.5% CAGR over 3 years across 64 units — operators are staying and new ones are joining.
Multi-unit rate
Only 5% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 Le Pain Quotidien 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 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 64
- 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
- N/A
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 5.3%
- Net growth (3-yr)
- +18.5%
- Net unit change over 3 years
- 3-yr CAGR
- +18.5%
- 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
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 4
- Franchisor's next-year forecast
- Continuity rate
- 100.0%
- Units that stayed open
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 7 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.
7
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.
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-burdened franchisor with undisclosed unit economics, financial opacity, and unclear growth trajectory presents elevated risk relative to capital requirements and franchisee recourse.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
LPQ Central Canada Inc. v. PQ Licensing S.A. et al. (Ontario Superior Court, Case No. CV-11-436710): Canadian area developer filed complaint alleging non-compliant disclosure and misrepresentation; sought damages up to $18M. Litigation administratively dismissed 2013, stayed pending arbitration 2014. Arbitration bifurcated; timeliness challenges resolved 2016 and 2019. Pending final resolution as of FDD date.
Bankruptcy (Item 4)
Subject: an officer. An officer’s own bankruptcy or a company an officer ran, not the franchisor’s
Predecessor PQ Licensing SA filed for judicial reorganization in Belgium (Brussels Enterprise Court, Case No. Q/20/00022) on May 4/22, 2020; reorganization plan approved June 24, 2020; assets acquired by BrunchCo 21 SA on July 10, 2020. Predecessor's subsidiary PQ New York Inc. filed Chapter 11 in U.S. Bankruptcy Court Delaware (Case No. 20-11266) on May 27, 2020; plan of liquidation confirmed September 25, 2020; proceedings ongoing as of FDD date.
Audited financials (Item 21)
Yes · Mazars USA LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Financial statements are those of the guarantor, Pain Quo Marais Associes (PQMA), which absolutely and unconditionally guarantees the franchisor's (BrunchCo 21, S.A.) obligations; the franchisor's own audited statements are not separately provided. All figures in euros (EUR). FY2022 net sales 764,336; FY2021 615,230. Company has a stockholder's deficit of (315,075) and recurring net losses. other_revenue reflects government grants (9,191) plus interest income (5,039) for 2022.
ⓘ 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: Yes
- Kickbacks from required suppliers: Yes
- 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
- 01HIGHActive litigation seeking $18M damages and rescission of development agreement signals serious disclosure/compliance issues between franchisor and franchisees
- 02MINORNo Item 19 financial performance disclosure (avg revenue/net income not provided) prevents validation of ROI on $957K–$1.8M investment
- 03MINOROnly 64 total units with unknown growth trajectory suggests potential system stagnation or contraction in competitive bakery-café market
- 04MEDHigh initial investment ($957K–$1.8M) combined with undisclosed profitability creates asymmetric risk for franchisee
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2023 · 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 | 3 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Belgium |
| Jury trial waiver | Yes |
| Governing law | Belgium |
| Litigation count | 1 |
View Item 3 litigation summary
LPQ Central Canada Inc. v. PQ Licensing S.A. et al. (Ontario Superior Court, Case No. CV-11-436710): Canadian area developer filed complaint alleging non-compliant disclosure and misrepresentation; sought damages up to $18M. Litigation administratively dismissed 2013, stayed pending arbitration 2014. Arbitration bifurcated; timeliness challenges resolved 2016 and 2019. Pending final resolution as of FDD date.
Items 10, 11
Training & Operations
- Classroom training
- 171 hrs
- On-the-job training
- 235 hrs
- Training location
- HQ Brussels, Academy Brussels, designated Store location
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- Franchisor must approve all sites; franchisee selects and submits Site Package for approval
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Le Pain Quotidien franchise?
The total investment to open a Le Pain Quotidien franchise ranges from $957K – $1.8M, with an initial franchise fee of $22K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD). This fee is for a master or area-representative grant rather than a single unit, so it is not comparable with the single-unit fees shown for other brands.
What do Le Pain Quotidien franchise owners earn?
Le Pain Quotidien 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 Le Pain Quotidien?
Le Pain Quotidien is franchised by BrunchCo 21, S.A.. Source: FDD Item 1, 2023 filing.
What is Item 19 in the Le Pain Quotidien 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 Le Pain Quotidien FDD and qualifies whose outlets they describe.
What is Le Pain Quotidien's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Le Pain Quotidien (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 Le Pain Quotidien franchise locations are there?
As of their most recent FDD filing, Le Pain Quotidien has 64 total units in the United States, including 64 franchised units and 0 company-owned units.
Is Le Pain Quotidien a good franchise to buy?
FranchiseVerdict rates Le Pain Quotidien 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
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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.