Ken Baker spent three years and at least £50,000 getting the Norah G canal boat afloat to use as a bed and breakfast.

But today he admitted his hopes to extend his business interests into accomodation had sunk along with the boat in the Thames at Abbey Meadows in Abingdon.

Last week Mr Barker, 55, was told by the lock keeper the Nora G was beginning to sink in the swollen river.

Mr Baker, who runs property business P and N Baker with his son Richard, 34, said: “I got there in about a minute and the stern was just about visible, but as soon as I put my weight on it, it went down a bit more.”

The businessman used his dingy to salvage tables and parts of the boat, but believes that the four-berth barge, worth about £100,000, is a write-off.

He joked: “I am only taking bookings for sub aqua at the moment.”

The Thames flood watch remains in place, with many surrounding fields still under water.