The console when switched on goes red firstly then green for a second and then stays flashing red.

This is mostly as a result of software failure or problem. This occurs mostly when there seems to be an error in the system of the console.
You can decide to send it to a repairer or send it to sony for check up and maintenance but first it is quite advisable that you try to reset your console and see if that would help you.
You can do this by following the procedures below
Be sure to backup your settings/games saves by doing a System > Backup on your PS3 or you may lose your game saves! Also, this is a last resort procedure prior to exchanging/returning to sony.
1. Power Off the PS3 via the power switch in back and power back on w/switch.
2. Hold Power Button on the Front until you hear 3 beeps.
3. Then go through the initial setup and then run a full Format via System > Format. (will take approx 3 1/1 hours). You may need to have our AV cables ready if your using HDMI (in case HDMI isn't detected after initial reset).
4. Restore your backup you made prior to doing factory/hard reset (optional, if you created a backup).
Hope this solution helped you? Please comment for more information and thank you for using fixya.