A beloved antiques dealer still missing after going for a Christmas Day swim had heroically tried to save a woman in distress before being swept away, a close friend revealed yesterday.

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

He and a man in his 40s remain unaccounted for after several other swimmers were pulled from the water by rescuers.

Mr Upham had gone to the beach with friends on Christmas Day morning for the annual swim.

He was among dozens of others - some with Santa hats - who had taken the cold plunge into the sea only to get into serious difficulties within seconds due to huge swells caused by high winds.

Mr Upham had nearly made it back to shore when he spotted a woman in difficulty beyond the surf line.

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