A luxury yacht which sank off the coast of Sicily in the early hours of Monday is reportedly owned by a Manx-registered company.

Five people have died and two others are still missing after the Bayesian sank during bad weather while 15 others have been rescued including a one-year-old child.

Media reports suggest the vessel is owned by Revtom Limited who has an address on North Quay in Douglas although it is managed by Camper and Nicholsons International based in Monaco.

It remains unclear whether the vessel itself is registered in the Isle of Man.

Most of the passengers onboard are thought to be British and the vessel was displaying a British flag.

The Italian Coastguard is leading the search, with divers and helicopters scouring the sea. A wreck has been located 50 metres below the surface.

On Monday, the body of the vessel’s chef - Recaldo Thomas - was recovered from the site according to the BBC.

A further four bodies were then found on the sunken yacht by specialist divers on Wednesday.

At the time of writing, two passengers who were on-board the yacht when it sank remain missing.