A guest of Jon Hunt, the property tycoon and Foxtons founder, is feared dead following an accident on a banana boat.
Richard Chapelow disappeared following the boating accident in Portugal, where he was holidaying with his family.
Emergency services continue to hunt for Chapelow, who was reportedly thrown from the banana boat on the Santa Clara Dam at about 5pm on Monday.
He was a guest of Hunt who owns property in the area, a spokesman for Hunt said.
Chapelow was part of a group of 10 Brits at the popular watersports and fishing spot, which is about an hour’s drive north of the Algarve region.
Local volunteer fire chief Mario Batista told Portuguese media four people were on a banana boat with another six on a boat towing the inflatable.
One rider disappeared after all four were thrown from the float, he said.
A statement issued on behalf of the Hunt family said: “[We] are devastated by the loss of Richard, following a tragic accident at Santa Clara Dam.
“Our thoughts and prayers are wholly with Richard’s family, and we ask that both families are given space to grieve such a painful loss.”
“We will be working closely with the Portuguese authorities to understand what has happened, and are grateful to the local police and fire services for their efforts. It is a time of great sorrow.”
A foreign office spokeswoman added: “We are assisting the family of a British man reported missing in Portugal and are in contact with the local authorities.”
The man’s family have been informed, the spokeswoman said.