Mr Murphy, 62, collapsed and died near the Acapulco cliffs tourist attraction.

The well-known businessman from Co Armagh started the successful Clearway recycling and waste management group in the early 1970s and built it up into one of the largest companies of its type in the country.

He died after completing a 656km cycling challenge from Mexico to Acapulco over 12 days.

Mr Murphy was a dedicated cyclist who survived a triple-bypass operation two years ago. He felt fit enough to undertake the charity ride along with 70 others despite his serious operation.

Fellow cyclists said he had just completed the final 30km leg of the journey to Acapulco and had posed for celebratory photographs. He was making his way over to see the famous cliff divers when he suddenly collapsed and died.

A Clearway spokesman said staff at the company were “devastated” and said Mr Murphy was still very much involved with the running of the firm.

A statement said: “Mr Murphy, who played a very active part in the business will be sadly missed by all connected with Clearway.

“He would have been a familiar figure in all the yards, both north and south, calling in to see how things were going and always taking the time to have a chat with both workers and customers.”

Mr Murphy was a veteran cyclist who had raised thousands of pounds for the National council for the Blind of Ireland charity since joining the Blazing Saddles club 15 years ago.

He completed rides in South Africa, Chile and Argentina as well as at home.

His brother Brian is also a respected member of the club. Yesterday, tributes were paid to the popular member of the club on its website.

Speaking from Mexico, Blazing Saddles tour director Eamon Duffy said: “This is a very sad day for the entire Murphy family. However, despite our grief and sad loss there has never been a stronger bond of friendship and team spirit as evident in our NCBI Blazing Saddles family.”

He said that spirits were “low” and that it was a “very sad time”.

Team Leader Phillip Cassidy said: “I have had the pleasure of cycling with John on a number of occasions. I said to him as recently as last Tuesday that I have never seen him cycling so well as here in Mexico. John’s usual smile came to his face which I will remember for some time.”

Mr Murphy is survived by his wife Dorothy, his four children Paul, Tracy, Colette and John and grandchildren Sam, Amy, Kasey, Ellie and Paul.

His funeral will be held at the Church of St John the Baptist in Drumcree today.