The only scenario I can imagine would be that Arkwright is dead (obviously!) and that Granville has taken over his uncle's shop. I suppose the twist would be that, despite Granville's best efforts to join the permissive society, he has actually turned into Arkwright.
Sometimes these sequels (or even prequels) work, like Rock and Chips. However, more often they are embarrassingly cringe-worthy, like First of the Summer Wine.