Assuming all your cells are consistent in the format of hh:mm, this is pretty easy using the DURATION() function and some text parsing.
First, create a temporary column adjacent to your existing cells (we can delete this later).
In cell C2 (assuming C is the new/spare column), set the formula:
=DURATION(0,0,TEXTBEFORE(B2,":",1),TEXTAFTER(B2,":",1),0,0)
DURATION() takes a number of weeks, days, hours, minutes, and seconds and creates a valid duration value. In this case, most of the cells are 0 (no weeks or days involved) and the hour field using TEXTBEFORE to simply grab the text of cell B2 before the ":". Similarly, the minutes field uses TEXTAFTER to grab everything after the ":".
This should give you a duration in the form Numbers prefers.
Fill this formula down the column to calculate all 300-odd values.
Now, select the column of cells and use Edit -> Copy Snapshot.
This will copy the cell values without the underlying formula. We can paste this back into column B to replace the text-based cells you have with the duration values. Then you can delete the temp column C since it's no longer needed (or valid).
If you prefer to see the durations listed as hh:mm you can use Format -> Cell -> Duration to change from the default format.