LP dead flashing led - Standard (2GB RAM/32GB)

My LP - Standard (2GB RAM/32GB) was working perfectly for many months, however this morning when trying to start it up I simply get a flashing red led after the initial start Arduino blue and power red led come on. It looks like initial initialisation happens as blue led goes off, however red led then just keeps on flashing. I have checked the power supply as I have a second Enhanced (4GB RAM/64GB) LP which works perfectly with same power supply so I know it is not the power supply. I have also tried disconnecting the 7' Screen and touch overlay but LP behaves the same way.

Any suggestions would be appreciated.