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recommended server spec for running prestashop?


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I currently run my prestashop on a shared hosting server with other websites but according to googles webmaster tools the sites loading speed is ranked as slow with it taking 10.2 seconds to load the main page so i am considering moving to either a dedicated server or a Virtual Private Servers (VPS)
What would people recommend for a spec of a server to run the website, im using the stock prestashop theme with only a couple of changes, running prestashop 1.3.7 and the site currently gets about 1200 - 1500 visits per day and the mysql database is around 22mb in size.

I have seen a VPS with 512mb ram (burst to 1GB), 16gb storage space, 1tb of bandwidth and 2 IP address for just £10 per month and wondered if people think that would be suitable to run my shop?

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thanks for the advise, but i wasn't really wanting to go with another shared host, i think a VPS or even a dedicated server is the way forward. cheapvps.co.uk had some good deals so i have signed up with them as they said i could have a 7 day trial period and if it wasn't going to be suitable then i could get a refund. Just waiting for them to get the VPS set up so i can move the site over later today

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