I'm used to the occasional tobacco-stained dial but this is the first I have seen that looks like it's been dipped in the nasal secretions of a previous owner. The observant amongst you will have spotted that the small second hand has not been lost.
Onto the real business of whether it's a Colonial and in my view it is:
A proper UG case and the only other example I can find of the case reference (I'll admit to hoping/expecting that it would be 4 digits) has UG on the dial and a rather obscure Cal 251. I've no reason to believe that having Uweco on this suggests the dial has been swapped as it is/was a recognised sub-brand.