At the start of 1973, they embarked on a UK tour and also made an appearance on the BBC TV programme Old Grey Whistle Test. On the 19 February 1973, on the way back to London from a gig in Cleethorpes, the band's car skidded and hit a tree. Fraser suffered injuries to his wrist and, during recuperation, had second thoughts about the band. The tour continued to the end of April but Fraser had some difficulties playing with the injury. Sharks' debut album, First Water, was released in April but Fraser left shortly afterwards and the band began searching for a replacement. Those considered included Tom Robinson, Ric Gretch and Boz Burrell. Mick Jagger then recommended a bass player from Memphis, Busta Cherry Jones, who joined in July 1973, along with ex-Audience keyboard player Nick Judd.
A new UK tour with this line-up began in September 1973 and ran through until March 1974, when their second album, Jab It in Yore Eye, was released. The band then toured America during April & May 1974. On their return to the UK, the band began recording their third album, to be titled Music Breakout. However, Simon was fired and replaced by Stuart Francis and Jones returned to the States. Island didn't like the masters for the third album and the band folded in October 1974.
Spedding continued his session work and solo career, whilst Snips joined Ginger Baker in the Baker Gurvitz Army and then went solo.
In 1993, Spedding and Snips began recording together again as Sharks, although the album, Like a Black Van Parked on a Dark Curve..., wasn't released until 1995. There was a one-off gig in London, in December 1995, featuring Snips, Spedding, Jackie Badger (bass), Blair Cunningham (drums) and Nick Judd (keyboards) but the band has not re-surfaced since.