Keith Allday had said he was planning to retire

Mr Allday, 54, and his 37-year-old assistant and friend Alan Massey - both volunteers on the local lifeboat - had been missing since going out into the harbour at midday on Monday.

Rob Howarth, Chairman of Barmouth RNLI lifeboat, told BBC Radio Wales that he understood the body found shortly before 1500 BST on Tuesday was that of Mr Allday.

The body was found on Fairbourne beach, near Barmouth , Gwynedd, following a massive sea search after the pair's overturned boat was found floating near Barmouth harbour.

"I understand from talking to the police that its coxswain Keith Allday, who was identified by the coastguard who knew and worked with him.

He was not only a colleague and a coxswain, he was a great friend to all of us Rob Howarth,

"There hasn't been a formal identification yet, but we understand it was the body of Keith Allday."

Mr Allday's family had been informed, he added.

"It's an awful thing for Keith's young family to know that their father's dead, now we've also got the problem of Alan's family not knowing where he is at the moment.

"All the lifeboat crew in Barmouth has turned out over these past two days.

'Great coxswain'

"Until very recently, the families have been in the lifeboat station and have been in contact with the crew throughout all that time."

He added that the search for Mr Massey would continue and paid tribute to Mr Allday.

"I'll remember Keith as a very great lifeboat coxswain and a young man who ran his boat with kid gloves," he said.

"He was gentle and firm and he looked after his crew in a splendid manner.

"He was not only a colleague and a coxswain, he was a great friend to all of us."

Earlier, an intensive air and sea search for Mr Allday, and helmsman Mr Massey was called off, and their families were told to prepare for the worst.

Many crew members have known the men for years

The two were reported missing on Monday after heading out to lay a mooring in the town's harbour.

Divers later discovered that the job they set out to do was never finished and the alarm was raised when their 15ft boat was found upturned.

Five lifeboats were launched and a helicopter from RAF Valley on Anglesey was scrambled to search for the missing men, along with the North Wales Police helicopter.

Police tracker dogs patrolled the coastline and force divers searched the area around the moorings - but nothing was found.

Father-of-five Keith Allday had been coxswain for 12 years and had planned to retire next January. His wife Jill and children Emma, Sara, Sean, Kassie, and Kate, and granddaughter Molly, two, were being comforted by family and friends.

Alan Massey, a part-time taxi driver, has a mother and brother living in Barmouth.

Barmouth councillor Trevor Roberts said the whole town was trying to come to terms with the tragedy.

"People are standing around wanting to do something. The town is in total shock - total shock.