PopUp Bagels Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
PopUp Bagels is a quick-service franchise serving fresh-baked bagels paired with handcrafted schmears. Franchisees run the shops, managing baking, food prep, and counter service.
FranchiseVerdict summary · 2026
A PopUp Bagels franchise requires a total initial investment of $313K – $884K, including a $35K franchise fee and an ongoing 6.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $313K – $884K
- 52nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 46th pct Service Resta…
- Units
- 9
- 35th 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 $313K – $884K including a $35K franchise fee, 6.0% ongoing royalty.
- RETURNSAudited statements are for PUB Franchisor LLC (the franchisor), a Delaware LLC formed 10/17/2024, for the period from inception (11/21/2024) through fiscal year end 12/29/2024. The franchisor had no revenue during this short inception period (total revenue $0) and recorded a net loss of $(160,207). Balance sheet reconciles: total assets $400,000 = total liabilities $160,207 + member's equity $239,793. Figures are in whole US dollars. No prior-year (yr2) comparative period exists. The FDD also includes later UNAUDITED statements as of 3/30/2025 (assets $1,954,432; revenue $52,872; net profit $17,498); these were NOT used since they are unaudited. CPA firm name not present in extracted text (auditor report signed from Melville, NY, 5/22/2025).
- RISKVerdict D (Below average), verdict score 38/100 (higher is better).
- DATANo Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- PUB Franchisor LLC
- Parent company
- PopUp Bagels Inc.
- CEO title
- Chief Executive Officer
- Tory Bartlett
- Incorporated in
- DE
- HQ
- 1391 Post Road E, #200, Westport, Connecticut 06880
- Auditor
- CohnReznick LLP
- Audited financials
- Franchisor revenue
- $0
- Most recent fiscal year
Overview
About
- CEO
- Tory Bartlett
- Headquarters
- CT
- Founded
- 2024
- FDD year
- 2025
- States available
- 0
Can you afford it, and what does the money buy?
Entry cost runs 9% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $35K | $35K | |
| Construction/Leasehold Improvements/Buildout costsnot refundable | $135K | $434K | |
| One Month's Rentnot refundable | $2K | $18K | |
| Security Deposit | $2K | $72K | |
| Design and Architect Feenot refundable | $5K | $39K | |
| Fixtures, Furniture, and Equipmentnot refundable | $66K | $158K | |
| Signage (Exterior including awnings)not refundable | $3K | $12K | |
| Menu Boards/Graphics/Signagenot refundable | $3K | $6K | |
| Point-of-Sale / Computer / IT Systemsnot refundable | $9K | $11K | |
| Opening Inventory, Operating Supplies, and Opening Smallwaresnot refundable | $14K | $28K | |
| Business and Operating Permitsnot refundable | $5K | $15K | |
| Initial Training Travel & Living Expensesnot refundable | $3K | $14K | |
| Utilities | $2K | $5K | |
| Insurance (3 months)not refundable | $500 | $2K | |
| Professional Feesnot refundable | $7K | $7K | |
| Grand Opening Marketing Programnot refundable | $15K | $15K | |
| Additional Funds—3 Monthsnot refundable | $10K | $15K | |
| Total initial investment | $313K | $884K |
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
- $313K – $884K
- Middle of category vs category
- Liquid capital req'd
- $10K – $15K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 6.0%
- percentage · 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% of gross sales |
| Technology fee | $750 |
| Training fee | $2K |
| Transfer fee | $18K |
| Renewal fee | $4K |
| Inventory (initial) | $14K – $28K |
| Total fee load | 8.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
PopUp Bagels 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 PopUp Bagels unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
17%
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: 2025 FDD
Financial Performance
Audited statements are for PUB Franchisor LLC (the franchisor), a Delaware LLC formed 10/17/2024, for the period from inception (11/21/2024) through fiscal year end 12/29/2024. The franchisor had no revenue during this short inception period (total revenue $0) and recorded a net loss of $(160,207). Balance sheet reconciles: total assets $400,000 = total liabilities $160,207 + member's equity $239,793. Figures are in whole US dollars. No prior-year (yr2) comparative period exists. The FDD also includes later UNAUDITED statements as of 3/30/2025 (assets $1,954,432; revenue $52,872; net profit $17,498); these were NOT used since they are unaudited. CPA firm name not present in extracted text (auditor report signed from Melville, NY, 5/22/2025).
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 average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
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 averages
How PopUp Bagels Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 9
- 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
- 9
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
- Multi-unit owners
- 5.0%
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
- 24
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
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
Pre-revenue-disclosure franchise with minimal unit count and undisclosed financials presents elevated due diligence risk; viability cannot be assessed without Item 19 data.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CohnReznick LLP
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 38 / 100 verdict
- 01MINORNo Item 19 financial performance disclosure — unable to validate if average revenue/net income justify $312k-$884k investment
- 02MINORExtremely small unit count (9 locations) with unknown growth trajectory — suggests nascent or stalled system
- 03HIGHGoing Concern status is FALSE — ambiguous whether this refers to franchisor viability or other concerns
- 04MINOR6% royalty on weekly gross sales is structure-dependent risk; without Item 19, franchisees cannot assess profitability threshold
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 | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 15,000 |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Connecticut (within 10 miles of franchisor's principal business address) |
| Jury trial waiver | No |
| Governing law | CT |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 10 hrs
- On-the-job training
- 40 hrs
- Training location
- Designated Training Facility/Virtual/Electronic
- Ongoing training
- Required
- Time to open
- 6 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
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a PopUp Bagels franchise?
The total investment to open a PopUp Bagels franchise ranges from $313K – $884K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do PopUp Bagels franchise owners earn?
PopUp Bagels 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 PopUp Bagels 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 PopUp Bagels FDD and qualifies whose outlets they describe.
What is PopUp Bagels's franchise failure rate?
SBA 7(a) loan charge-off data is not available for PopUp Bagels (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 PopUp Bagels franchise locations are there?
As of their most recent FDD filing, PopUp Bagels has 9 total units in the United States, including 0 franchised units and 9 company-owned units.
Is PopUp Bagels a good franchise to buy?
FranchiseVerdict rates PopUp Bagels as a D-grade franchise with a verdict score of 38 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 PopUp Bagels, you can request corrections or provide updated information.
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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.