A team from the Sidmouth Independent Lifeboat, which was also called out, said with the evening tide posing “real risk” of the vessel being broken up over night, a decision was made to recover it and secure it above the tide line.
It said the crew used its winch tractor to move the vessel to a safe and accessible location at the Clifton slipway.
“A big thank you to everyone involved for the swift cooperation and teamwork,” added Sidmouth Independent Lifeboat.
Devon and Cornwall Police, the Receiver of Wreck and the Environment Agency have also been made aware, HM Coastguard said.