PopUp Bagels Franchise Cost, Revenue & Review 2026
- Investment
- $313K – $884K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
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]. 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 →
Limited operating history: franchising since 2024. A system this young has fewer than three years of Item 20 outlet history and rarely enough SBA loans for a charge-off rate, so its grade rests on less evidence than an established system's. Read its Item 20 tables and talk to its first franchisees before relying on the grade. Other new franchisors
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
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
- $313K – $884K
- 51st pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 48th 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 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 $313K – $884K including a $35K franchise fee, 6.0% ongoing royalty.
- 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 48/100 (higher is better).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed); 4 signed but not yet open (Item 20).
- DATAThis 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.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- PUB Franchisor LLC
- Parent company
- PopUp Bagels Inc.
- FDD Item 1, page 9 of the 2025 FDD
- CEO title
- Chief Executive Officer
- Tory Bartlett
- Incorporated in
- DE
- HQ
- 1391 Post Road E, #200, Westport, Connecticut 06880
- Auditor
- CohnReznick LLP
- Audited financials
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 23% above 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%
- 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 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 PopUp Bagels 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: 2025 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 8.0% (near the Quick-Service Restaurants median).
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.
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 PopUp Bagels 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 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
- N/A
- Company-owned
- 9
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
- Multi-unit owners
- 5.0%
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 4
- 0.44 per open outlet · Item 20 Table 5
- Projected new
- 15
- 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)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CohnReznick LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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).
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 48 / 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
- 03MINOR6% 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 territory |
| 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 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 PopUp Bagels?
PopUp Bagels is franchised by PUB Franchisor LLC. Its parent company is PopUp Bagels Inc.. Source: FDD Item 1, 2025 filing.
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.
Is PopUp Bagels a good franchise to buy?
FranchiseVerdict rates PopUp Bagels as a B-grade franchise with a verdict score of 48 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.