Matchbox Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Matchbox is a casual-dining franchise serving wood-fired pizza, mini burgers, and chef-driven entrees with craft beer and cocktails. Franchisees run the restaurants, managing the kitchen, bar, and dining service.
FranchiseVerdict summary · 2026
A Matchbox franchise requires a total initial investment of $1.1M – $2.3M, including a $60K franchise fee and an ongoing 6.0% royalty[2]. The 2024 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2024 FDD issuance
Overview
- Investment
- $1.1M – $2.3M
- 34th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 24th pct Service Resta…
- Units
- 13
- 16th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-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 $1.1M – $2.3M including a $60K franchise fee, 6.0% ongoing royalty.
- RETURNSTotal Operating Revenue for FY ended December 31, 2023: Royalty fees $78,471 + Franchise fees $5,000. 100% of revenues earned from one franchisee. No royalties charged in 2021 due to COVID-19 relief.
- RISKVerdict C (Average), verdict score 44/100 (higher is better).
- FLAGBankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- TH Matchbox Franchising, LLC
- Parent company
- Thompson Matchbox Ventures, LLC
- Ultimate parent
- Thompson Hospitality Corp.
- Predecessor
- Matchbox Food Group, LLC
- Prior franchisor entity
- CEO title
- Chief Operating Officer
- Alex Berentzen
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- DE
- HQ
- 1741 Business Center Drive, Suite 200, Reston, Virginia 20190
- Auditor
- BDO USA, P.C.
- Audited financials
- Franchisor revenue
- $83K
- vs $86K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Alex Berentzen
- Headquarters
- VA
- Founded
- 2003
- FDD year
- 2024
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 46% above the typical full-service restaurants franchise.
Source: FDD 2024 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $60K | $60K | |
| Travel Expenses to Attend Training | $1K | $10K | |
| Rent | $35K | $75K | |
| Build-Out/Construction | $788K | $1.6M | |
| Fixture Package | $100K | $300K | |
| Initial Inventory | $20K | $30K | |
| Signage | $10K | $30K | |
| Computer Hardware, Software, and POS System | $8K | $18K | |
| Insurance | $5K | $10K | |
| Licenses, Permits | $5K | $8K | |
| Grand Opening Campaign | $5K | $20K | |
| Legal & Accounting | $4K | $8K | |
| Miscellaneous Opening Costs | $10K | $15K | |
| Additional Funds - 3 Months | $50K | $100K | |
| Development Fee | $90K | $150K | |
| Total initial investment | $1.2M | $2.5M |
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
- $1.1M – $2.3M
- Top 40% of category vs category
- Liquid capital req'd
- $50K – $100K
- Top 40% of category vs category
- Franchise fee
- $60K – $60K
- Top 40% of category 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 |
| Transfer fee | $15K |
| Renewal fee | $25 |
| Inventory (initial) | $20K – $30K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Matchbox did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Matchbox unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
5%
Below the 30–60% attractive-franchise band
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
Total Operating Revenue for FY ended December 31, 2023: Royalty fees $78,471 + Franchise fees $5,000. 100% of revenues earned from one franchisee. No royalties charged in 2021 due to COVID-19 relief.
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 7.0% (near the Full-Service Restaurants average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System roughly stable (0.0% 3-year CAGR) with 13 units.
Multi-unit rate
Only 1% 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 Full-Service Restaurants averages
How Matchbox Compares
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 13
- 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
- 12
- Corporate units in the system
- % franchised
- 8%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (3-yr)
- +0.0%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 0
- Franchisor's next-year forecast
- Continuity rate
- 100.0%
- Units that stayed open
- Ceased ops
- 7.7%
- Units that stopped operating
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 loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $300K
- Median loan
- $300K
- 50th percentile
- Charge-off rate
- N/A
- limited sample (1 loan) — rate not shown below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 1
- 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
Matchbox presents HIGH RISK due to going concern status, minimal unit count, absence of earnings disclosure, and inability to validate ROI on a seven-figure investment.
Litigation (Item 3)
No litigation information required to be disclosed in Item 3.
Bankruptcy (Item 4)
Disclosed in last 7 years
Predecessor Matchbox Food Group, LLC filed Chapter 11 bankruptcy petition on August 3, 2020 in U.S. Bankruptcy Court, District of Maryland (Greenbelt), Case #20-17250. Plan of liquidation confirmed March 9, 2021, effective March 18, 2021. THC (ultimate parent) acquired assets out of bankruptcy on November 16, 2020.
Audited financials (Item 21)
Yes · BDO USA, P.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- 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 44 / 100 verdict
- 01HIGHGoing Concern warning indicates potential franchisor financial distress or viability questions
- 02MEDOnly 13 units system-wide suggests minimal scale, limited support infrastructure, and high failure risk
- 03MINORNo average revenue or net income disclosure (Item 19) prevents ROI validation and raises transparency concerns
- 04MINORUnknown unit growth trajectory suggests stagnation or contraction in recent years
- 05MEDHigh initial investment range ($1.1M–$2.3M) paired with undisclosed earnings creates extreme uncertainty on payback period
- 06MED6% royalty on non-disclosed revenue baseline makes financial planning impossible for prospective franchisees
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 | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 2 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Virginia (litigation only, no arbitration) |
| Jury trial waiver | Yes |
| Governing law | VA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation information required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 24 hrs
- On-the-job training
- 148 hrs
- Training location
- Existing Matchbox restaurant in Northern Virginia and Reston, Virginia headquarters
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- Franchisee selects, franchisor approves
- 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
1 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Matchbox · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Matchbox franchise?
The total investment to open a Matchbox franchise ranges from $1.1M – $2.3M, with an initial franchise fee of $60K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Matchbox franchise owners earn?
Matchbox does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Matchbox 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 Matchbox FDD and qualifies whose outlets they describe.
What is Matchbox's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Matchbox (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 Matchbox franchise locations are there?
As of their most recent FDD filing, Matchbox has 13 total units in the United States, including 1 franchised units and 12 company-owned units.
Is Matchbox a good franchise to buy?
FranchiseVerdict rates Matchbox as a C-grade franchise with a verdict score of 44 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?
If you represent Matchbox, you can request corrections or provide updated information.
Other Full-Service Restaurants franchises
Compare similar franchise opportunities in the Full-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.