Update 20 May 5pm: The second individual, a man in his 70s, is still missing.

A Devon and Cornwall Police spokesperson said: "Police received a report yesterday (19 May) of a small vessel sinking around eight miles off the coast of South Devon earlier in the day.

"The coastguard have reported that they have recovered one man from the water who was checked over by the ambulance service; however one man in his 70s still remains outstanding at this time. His next of kin have been informed.

"Devon and Cornwall Police are now investigating this matter in consultation with the Marine Accident Investigation Bureau (MAIB) and enquiries are ongoing."

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Update 9.40pm: The search was terminated at around 7pm, the Maritime and Coastguard Agency said.

No update was given about the second individual.

Devon and Cornwall Police has been contacted for more information.

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Exmouth RNLI's all-weather lifeboat is currently involved in a search-and-rescue operation after a small vessel with two people on board was reported to have sunk off the coast of Torquay.

The Maritime and Coastguard Agency said the alarm was raised at around 10.30am today (Friday 19 May).

One person has so far been rescued and the search is ongoing for the second individual.

An HM Coastguard helicopter, RNLI all-weather lifeboats from Torbay and Exmouth, Devon and Cornwall Police, the South Western Ambulance Service and more are all reportedly involved in the operation.

We will bring you further updates as they come in.