A cherished antiques dealer remains missing after attempting a brave rescue during a Christmas Day swim, according to a close friend. The dealer, who had ventured into the water to aid a distressed swimmer, was swept away in the process.

Sixty-three-year-old Matthew Upham is feared to have drowned while participating in the traditional yuletide swim off the coast of Budleigh Salterton in Devon.

Both Upham and another man in his 40s have not been located, though several swimmers were successfully rescued from the turbulent waters.

On Christmas morning, Mr. Upham joined friends on the beach for the annual festive dip.

He was among many participants, some donning Santa hats, who took the icy plunge, only to confront immediate peril due to powerful swells driven by high winds.

Mr. Upham was close to reaching safety when he noticed a woman struggling beyond the surf and made the fateful decision to help.

A friend of 30-years told the Mail on Sunday: ‘Matthew swam back out to reach her but as he did so a huge wave crashed into him and dragged him under. He hasn’t been seen since.

‘He was an exceptionally fit man and someone who swam those waters practically every day but more than that he was an incredibly selfless person.

Matthew Upham, 63, (pictured) is feared to have drowned when he went for a traditional festive dip off the coast of Budleigh Salterton in Devon

Flowers left at the beacher where Mr Upham had gone to the beach with friends on Christmas Day morning for the annual swim

‘So when he saw that woman in distress, there was only going to be one outcome and that was him swimming straight out to reach her rather than save himself.

‘From what I’ve been told, he’d actually made it out of danger initially and was about to reach the beach but turned back when he saw the woman struggling.

‘His friends who were with him watched him go out to her but when the wave came it was so strong, it just dragged him along, he really didn’t have a chance.

‘The woman eventually made it back to shore but Matthew is still missing and hopes of finding alive are fading fast.

‘I think it’s important that people know that the reason he’s missing is because he went back out to save someone – he was a very strong a swimmer who knew that stretch of coast like the back of his hand and not someone who would recklessly put himself at risk .’

Initial reports suggested that the missing man in his 40s had gone to Mr Upham’s aid when he spotted him in peril.

The friend added: ‘Those who were with Matthew said they didn’t see anyone try to help him but someone may have gone to him when he was swept further down the beach.

‘I’ve known Matthew for 30-years, we met when we both lived in London through mutual friends. He was the most generous, kindest, most considerate  person you could hope to meet, someone almost not of this world.

Emergency services arrived at Budleigh Salterton beach in Devon on Christmas Day, but the coastguard search was called off after 5pm

‘It was like he was from a different era. He was a unique character that brightened the lives of all those who knew him.

‘Knowing that he would do anything to help anyone, it doesn’t surprise me at all that he would forget his own wellbeing to help someone else.

‘It’s devastating, although entirely in character that he would risk everything for someone else. He acted with quiet courage and extraordinary selflessness, he wouldn’t have had it any other way’.

Mr Upham’s family took to social media on Boxing Day to pay tribute to him, and to thank the emergency services for their efforts.

In a statement posted to the Instagram account of his antique shop in Budleigh Salterton, his nephew Major Harley Upham wrote: ‘Our family is heartbroken by the loss of our beloved family member Matthew Upham, who was reported missing on Christmas morning.

‘Matthew is deeply loved and will be forever missed.

‘We would like to express our sincere and heartfelt thanks to the emergency services who responded, particularly the RNLI and coastguard, for their dedication, professionalism, and tireless efforts during this extremely difficult time.

‘We are profoundly grateful for their compassion and support.

‘As we grieve and support one another, we kindly ask that our family’s privacy is respected.

‘We thank everyone for their understanding, kindness, and condolences.’

Mr Upham ran his antique business in Fulham for many years before relocating to Devon and specialising in chandeliers.

A single yellow rose was left on the doorstep of his store.

Little is known about the missing man in his 40s but he is believed to be married with children.

Horrifying new details of the tragedy began to emerge yesterday.

An eyewitness told how two children were being consoled by members of the Coastguard.

She revealed: ‘One was a boy aged around mid-teens and his sister was a few years younger.

‘They both looked pale and in shock. The boy was clinging onto an older lady, whom I presumed was his grandmother.

‘This was shortly after the emergency had been raised on the beach. I saw the young girl get into the back of the coastguard vehicle.

‘Both children were visibly upset.’

Emergency services were called at 10.25am on Christmas Day to the beach at Budleigh Salterton following concern for swimmers in the water

Mike Brown, one of the swimmers who was rescued was seen emerging from the sea with blood pouring down his face in a photograph released yesterday.

Speaking to BBC, Mr Brown said: ‘It was much worse conditions than normal and some of the worst conditions I’ve ever tried to swim in. With hindsight it was clearly a mistake to try and get in.’

Mr Brown described how two local men saw him struggling amid the six-foot waves and put themselves at risk to pull him out.

He said that the men entered the sea before one was knocked over by the force of a wave. They tried a second time and managed to reach Mr Brown as he was struggling to stand.

Mr Brown added: ‘They took an arm each and dragged me to safety and as quick as it had started, it was over, I was on the beach and I was safe.’

According to witnesses, swimmers had gone into the sea after spotting a lifeboat, raising concerns that participants may have thought the informal swim was supported by lifeguards.

It is understood that the RNLI lifeboat was out on an exercise, and was not there to protect swimmers participating in the Christmas Day swim.

However, the lifeboat responded immediately when people got into trouble and was joined by Exmouth and Beer Coastguard rescue teams and a search and rescue police helicopter.

Devon and Cornwall Police said several swimmers were helped back to shore and taken to hospital as a precaution, but added: ‘Two men remain missing at this time and searches and enquiries are ongoing in efforts to locate them.’