Looks like we're out of luck on the sequel front, Gus...
However, Pegg [writer/actor] quashed rumours he'd make Shaun 2 - "We did play with the idea of a sequel, but sequels can damage the reputation of the original. Plus most of the characters are dead!"
Source
Never mind! On the sequel front, I am SO glad that no-one made a sequel to Four Weddings & A Funeral. The Bridget Jones sequel is out soon, but at least that's based on a book sequel, so not quite as bad, even though the books are pretty rubbish. Yes, I have read them both.